Posted on 09 Aug 2023
JFE Steel, the second-largest steel manufacturer in Japan, lowered its crude steel production forecast from the previous estimate of 25 million tons to 24.6 million tons for the fiscal year 2023 ending March 31, 2024.
The downward adjustment was due to a decrease in the company’s crude steel production in the first quarter of the fiscal 2023, which dropped by 5.9% year on year to 6.05 million tons.
JFE Steel said the overall steel market is still below the earlier expected in spite of a recovery in the domestic automobile industry. The labor shortage, especially in the construction sector, and the surging raw material prices have resulted in sluggish steel demand. The company also said that the recovery in China’s steel market was expected to delayed until early next year.
Source:Yieh
